The $82 billion
The limited partner has not yet finalized which sub-strategies it will target, but one recent pledge of $100 million went to fund-of-funds
In March, the LP unveiled pledges totaling $400 million to two captive accounts managed by
In addition, Credit Suisse runs a $550 million emerging manager program for the pension fund. Emerging managers can include minority-, women- and disabled veteran-owned firms that manage less than $3 billion or have a track record as a firm of less than five years. The pension fund’s new investment policy recently increased the target allocation of the private equity emerging manager program to $800 million.
Texas Teachers commits to primary, secondary and co-investments; emerging managers; opportunistic investments, such as investments in the management entity of a private equity investment firm or sponsor; and public-to-private transactions. The pension fund expects its fund managers or sponsors to try to avoid investing in companies or enterprises that derive a large part of their revenues from products or services intended exclusively to “appeal to a prurient interest…,” according to the LP’s investment policy.
Texas Teachers’s target allocation to private equity is 10 percent, with a range of 5 percent to 15 percent. As of June 30, the actual private equity allocation stood at 6.6 percent.